Medicare Supplement Insurance

Many people become interested in Medicare Supplemental Insurance when they find out that Original Medicare (Part A and Part B) has no out of pocket maximum.

A Medicare Supplement Plan (Medigap) helps reduce or eliminate your out of pocket Medicare cost by covering copayments, coinsurance, and deductibles. Several Medicare supplement plans even have out-of-pocket limits, which set a ceiling for how much you’ll pay in medical expenses each year.

What is Medicare Supplemental Insurance?

If you’re new to Medicare, you’ll soon find out that your insurance coverage has several financial gaps that leave you exposed to high out-of-pocket medical costs. 

Ten different Medigap insurance plans are lettered A – N. Each plan covers a different set of gaps in your standard Medicare coverage.

All lettered Supplement plans are “standardized” by Medicare to provide the same coverage no matter which insurance provider you purchase from.

You can explore individual Medigap plans or see the comparison chart below for coverage details. 

How Do Medicare Supplements Work?

When you need medical attention, Medicare is always billed first as your primary health insurance coverage. Your Medicare supplemental insurance gets billed second if there are remaining unpaid costs. The two forms of coverage work together to give you better health care coverage and lower out-of-pocket costs.

Medicare supplemental insurance plans provide financial protection; they do not supply additional services or benefits. If you’re looking to expand your Medicare coverage to include benefits for dental, vision, and prescription drugs, then you’ll want to explore Medicare Advantage.

The Popularity of Medigap Policies

8 out of 10 Medicare beneficiaries (81%) own some form of supplemental insurance.
Those who do not own a Medicare Supplement plan are at the highest risk of incurring high medical expenses or not being able to afford the care that they need.

The vast majority of Medicare beneficiaries chose to purchase additional coverage to protect both their health and their bank account.

Shop & Compare Medigap Insurance Plans

Medicare supplemental insurance plans

Where to Buy Medicare Supplemental Insurance?

Private health insurance companies sell Medicare Supplemental policies, not the government. The companies authorized to sell Medigap plans must abide by the rules and regulations set by Medicare.

Anyone fully eligible for Medicare can purchase a supplemental policy.  Keep in mind that you may only buy a supplemental policy during an official Medicare enrollment period

The Importance of Shopping Around

As mentioned above, all Medigap policies have a corresponding letter which identifies the benefits covered in that particular plan. All lettered plans provide the same benefits regardless of which insurance carrier you purchase form.

Though the coverage may be the same, the price of the policy is not. Insurance carriers are free to set the price for Medicare supplemental insurance plans. The monthly premiums for your policy can vary significantly between carriers, which makes it necessary to shop around before making a purchase.

Top Medicare Supplemental Insurance Companies to purchase from in 2020:

 

 Medigap Comparison Chart

Medigap Comparison Chart

Key: A ✔ means the benefit on the left is covered by the corresponding supplement up top. For example, Plan F checks all boxes and fills in all gaps in Medicare Part A and Medicare Part B.

*Plan N has a $20 copay for office visits and $50 copay for ER visits.

What are the Most Popular Medicare Supplemental Insurance Plans?

The most popular Medicare supplemental plans are Plan F, Plan G & Plan N. These plans provide the most value and protect your savings from high deductibles, coinsurance, and copays.   

Here’s a brief overview of the most popular Medigap policies.  

Medicare supplement insurance policies

 Plan F

Plan F is currently the most popular medicare supplement plan and has been the number one choice among baby boomers for many years.

Medigap Plan F is particularly popular because it has zero out of pocket expenses. Plan F covers all Medicare deductibles, copays, and coinsurance.

What Medigap Plan F Covers

  • Medicare Part A coinsurance & hospital cost
  • Medicare Part B coinsurance and copayments
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Foreign travel emergency

Plan G

Medicare Plan G is the second most popular Medicare Supplement plan behind plan F. There’s not too much difference between these two most popular plans.

Supplement Plan G provides big savings in exchange for a small annual deductible. Plan G covers everything Plan F does except for the Part B deductible.

 

 

What Medigap Plan G Covers

  • Medicare Part A coinsurance & hospital cost
  • Medicare Part B coinsurance and copayments
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B excess charges
  • Foreign travel emergency

Plan N

Plan N is another popular medicare supplement plan because it offers the right balance of out-of-pocket expenses and small affordable premiums. If you purchase this plan, you will pay your Part B deductible, excess charges, and some copays.

Medigap Plan N is very popular among baby boomers who like the idea of exchanging a low monthly premium for a small annual deductible and reduced copays. As you can see, Plan N is very similar to Plan F and Plan G.

 

What Medigap Plan N Covers

  • Medicare Part A coinsurance & hospital cost
  • Medicare Part B coinsurance and copayments
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Foreign travel emergency

Get Help Finding Your Best Policy

Shopping for a Medicare supplement policy alone can be tedious and time-consuming. Savvy shoppers will choose to work with an independent agency to help them save both time and money. 

Our independent agency helps you navigate your many options to find your best policy and lowest premium. 

We’re here to answer all your Medicare questions.

Our service is free. And there’s no obligation when speaking with an agent. 

We’ve helped thousands of seniors customize their Medicare coverage with Medicare supplemental insurance.

We’d love to help you too.  

Explore your options today. Fill out the form on your screen to get started.

Get Free Medicare Help

Call Now To Get Started

801-455-0462

Get a quote from a licensed agent or simply explore your options. 

Quotes are free, and there's no obligation. 

Request a call from one of our licensed agents.